CIT Serves as Sole Lead Arranger on $43 Million Financing for Portfolio of Medical Office Buildings
CIT Group (NYSE: CIT) has acted as the sole lead arranger for a loan of approximately $43 million, facilitating the acquisition of a medical office buildings portfolio in Florida and Arizona. The portfolio includes 14 medical office buildings with nearly 150,000 square feet of rentable space, acquired by Cypress West Partners. This financing reflects CIT's commitment to the healthcare sector and its strong relationship with experienced investors. The Healthcare Finance unit provides tailored banking solutions to support growth in middle market healthcare companies.
- Secured a $43 million loan, enhancing CIT's position in healthcare financing.
- Strengthened relationship with Cypress West Partners, a reputable investor in medical properties.
- Financing supports acquisition of a substantial portfolio, potentially boosting future earnings.
- None.
NEW YORK, Sept. 1, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a loan of about
The portfolio, acquired by Cypress West Partners, consists of 14 medical office buildings encompassing nearly 150,000 square feet of rentable space. Ten of the facilities are located in Arizona and four are in Florida.
"This portfolio consists of modern, well-designed and efficient facilities in attractive locations to support the medical needs of their respective communities," said Christopher J. Cumella, CEO of Cypress West Partners. "We are pleased to add these assets to our growing portfolio and appreciate CIT's agility in financing this latest acquisition for us."
"We highly value our relationship with Cypress West, which is known throughout the industry as a deeply experienced investor with an outstanding portfolio of medical office properties," said William Douglass, managing director and group head for CIT's Healthcare Finance business. "We have now financed several of their medical properties and are pleased to provide the financing in support of this transaction as well."
CIT's Healthcare Finance unit, part of the Commercial Finance division, provides comprehensive financing and banking solutions to middle market healthcare companies across the U.S. By using a client-focused and industry-centric model, the Healthcare Finance team can tailor its products and services to help clients meet their needs for growth capital.
About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at
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SOURCE CIT Group Inc.
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